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HONG KONG – China’s Ministry of Commerce (MOFCOM) in June 2017 published a  draft Export Control Law (ECL) for public comment. In a Client Alert, lawyers Baker McKenzie says that, if enacted, the ECL will be the first set of comprehensive and unified export control legislation in China, which is aimed at upgrading the country's existing regime of various administrative regulations and rules. BM says the ECL is widely expected to be introduced in the National People's Congress within 2018.

SINGAPORE - Most Asia-Pacific sovereign ratings are likely to remain unchanged in the next one to two years, S&P Global Ratings said in a report released today. "All but two of our sovereign ratings in the region currently record a stable outlook,” S&P said. “Although economic growth rates this year are likely to be lower than 2017's, our current real GDP forecasts are mostly stronger than our 2018 growth forecasts made a year earlier.

HO CHI MINH CITY - Vietnam fulfilled and surpassed major economic goals in 2017 with its GDP growth rate among the highest globally. The Government’s target of 6.5-6.7% GDP growth for 2018 looks feasible as the stable macro-economic environment will expectedly continue into next year, according to Vietnam Asset Management in its monthly report.

HONG KONG – French President Macron’s first state visit to China is not only relevant for France’s economic and political agenda but also for that of Europe, says Alicia Garcia Herrero, Chief Economist Asia Pacific for Natixis. She says Macron and China’s President Xi Jinping can be expected to increase the frequency of their State visits as well as bilateral exchanges to an extent that France might become China’s most relevant partner in Continental Europe.

SEOUL – During a phone call between South Korea’s President, Moon Jae-in, and U.S. President Donald Trump on January 4 to discuss matters related to the PyeongChang 2018 Olympic and Paralympic Winter Games, the two Heads of State decided to temporarily halt U.S.-Korea joint military exercises during the sporting event, and agreed to do their best to ensure the successful and peaceful opening of the PyeongChang Games.

BEIJING – China’s Ministry of Finance, State Administration of Taxation (SAT), National Development and Reform Commission and Ministry of Commerce have jointly released Notice 88 which allows a non-resident enterprise to defer payment of tax on dividends derived from a Chinese enterprise if, among other things, the non-resident enterprise directly reinvests the dividends into industries “encouraged” by the Chinese Government.

BEIJING - Top researchers at China’s central bank, the People’s Bank of China, have agreed that higher interest rates will help squeeze asset bubbles and restrain debt expansion, providing a tool for broader oversight of financial activities, the China Daily reports.